Position statement on 'Controlled Digital Lending' (CDL) [1] is an interesting read. Within it there is the clause "Because there is no directly analogous case on point, this Statement offers a more detailed explanation of how fair use and copyright exhaustion can work together to effectuate CDL practices:"

The idea of CDL is indeed novel and possibly worth pursuing through the courts. However, it is an argument fraught with financial peril for the IA because of the statutory penalty structure of US Copyright law.

1. https://controlleddigitallending.org/statement/